What are the key challenges and risks of BSS credit control in a dynamic and competitive market?

1 Regulatory compliance

One of the main challenges of BSS credit control is to comply with the diverse and evolving regulatory requirements of different markets and jurisdictions. For example, BSS credit control must adhere to the data protection, consumer rights, anti-money laundering, and tax laws of each country where they operate. Failure to comply can result in fines, penalties, reputational damage, and customer loss. Therefore, BSS credit control needs to have a robust and flexible framework that can adapt to the changing regulations and ensure compliance across the board.

2 Customer satisfaction

Another challenge of BSS credit control is to balance the need to collect payments from customers with the need to maintain customer satisfaction and loyalty. Customers expect fast, convenient, and transparent billing and payment services that suit their preferences and needs. They also expect fair and consistent treatment in case of disputes, errors, or delays. BSS credit control must provide a positive customer experience that enhances trust and retention, while also minimizing the risk of bad debt and fraud. Therefore, BSS credit control needs to have a customer-centric approach that leverages data analytics, automation, and personalization to deliver tailored and timely solutions.

3 Competitive pressure

A third challenge of BSS credit control is to cope with the competitive pressure of the market, which demands constant innovation and differentiation. Customers have more choices and higher expectations than ever before, and they can easily switch to other providers if they are not satisfied with the value and quality of the services. BSS credit control must support the business strategy and goals of the service provider, by enabling new products, pricing, and promotions, as well as optimizing costs and efficiency. Therefore, BSS credit control needs to have a strategic vision that aligns with the market trends and customer demands, and a agile and scalable system that can support rapid changes and growth.

4 Operational complexity

A fourth challenge of BSS credit control is to manage the operational complexity of the processes and systems involved. BSS credit control must deal with a large volume and variety of transactions, customers, and channels, as well as multiple stakeholders, partners, and vendors. BSS credit control must also integrate with other BSS functions, such as billing, invoicing, customer care, and revenue assurance, as well as with network and IT systems. Therefore, BSS credit control needs to have a streamlined and standardized workflow that reduces errors, delays, and redundancies, and a robust and reliable infrastructure that ensures security, availability, and performance.

5 Risk management

A fifth challenge of BSS credit control is to identify and mitigate the risks associated with the credit exposure and performance of the customers. BSS credit control must assess the creditworthiness and behavior of each customer, as well as the potential impact of external factors, such as market conditions, economic fluctuations, or natural disasters. BSS credit control must also implement appropriate measures to prevent, detect, and recover from credit losses, such as credit limits, dunning actions, collections, write-offs, or legal actions. Therefore, BSS credit control needs to have a comprehensive and proactive risk management framework that uses data-driven insights, policies, and controls to minimize the credit risk and maximize the revenue recovery.